a reporter what does the beige book change for a moderate to modest growth mean now i spoke to james savage earlier he was v.p. of public affairs at the cleveland fed from two thousand and eight to two thousand and eleven now he runs a company building and managing corporate reputations which is why lately he's been thinking a lot about the missteps fed's. so the whole reputation angle of the fed and the efforts the fed has undertaken to better communicate really have been resonating with me lately and it's we've seen a few struggles and misfires there and i think that's why we're here today yeah so before we get into some of those let's just talk about the importance of communication for the fed we know that it is extremely important for the fed is it as important as the fed's actual monetary policy because the fed can print but attitude in expectations about the economy and the fed's abilities are what can cause people to actually lever up and affect some of those behavioral decisions right. right exactly and within the federal reserve there's a tremendous sensitivity to how policy is com